Covetrus Inc. Securities Litigation

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Covetrus Inc. Securities Litigation
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Court Documents
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Institutional Electronic Filing
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Contact Settlement Administrator

***IMPORTANT CASE UPDATE***

On October 25, the Court granted Final Approval of the Settlement

The information contained on this web page is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”), which you can access by clicking here Since this website is just a summary, you should review the Notice for additional information.

If you are a member of the Settlement Class, your rights will be affected and you may be eligible for a payment from the Settlement, unless you timely request to be excluded.  The Class consists of:

“All persons or entities who purchased or otherwise acquired common stock of Covetrus Inc. (“Covetrus” or the “Company”) during the time period between February 8, 2019 and August 12, 2019, inclusive, (the “Settlement Class Period”) and were allegedly damaged thereby.”


Please Note - Losses incurred solely from shares of Covetrus acquired either as a share dividend by Henry Schein or by tendering shares of Direct Vet Marketing, Inc., d/b/a Vets First Choice, are NOT eligible for a potential share of the distribution of the Net Settlement Fund.

Please read the Notice carefully.


YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN
DECEMBER 3, 2022.

The deadline to submit a claim has passed. If you have not yet submitted a claim you may still do so, but you are ecnouraged to submit your claim as soon as possible.

EXCLUDE YOURSELF FROM THE SETTLEMENT CLASS BY SUBMITTING A WRITTEN REQUEST FOR EXCLUSION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 4, 2022.

The deadline to exclude yourself from the Settlement has passed. 

OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 4, 2022.

The deadline to file an objection has passed.  

DO NOTHING.

If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Common Fund.  You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action.


The Settlement Fairness Hearing

The Court held a Settlement Hearing on October 25, 2022, and approved the Settlement and proposed Plan of Allocation and motion requesting attorneys' fees and expenses.  Copies of the orders can be accessed in the Court Documents section of this website.

What is this case about?

The Complaint alleged, among other things, that Defendants and Dismissed Defendants made false and misleading statements on various occasions related to the spinoff of HSAH from Henry Schein, its merger with VFC to form Covetrus, and the subsequent integration of these two businesses.  The Complaint further alleges that Covetrus’ common stock price was artificially inflated as a result of Defendants’ and Dismissed Defendants’ false and misleading statements, and that Covetrus’ common stock price declined when the truth regarding Defendants’ and Dismissed Defendants’ alleged misrepresentations was revealed.

Defendants have entered into the Stipulation solely to eliminate the uncertainty, distraction, time, burden and expense of further protracted litigation.  Each of the Defendants (and the Dismissed Defendants) has denied and continues to deny any wrongdoing, and the Settlement and Stipulation shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any of the Defendants with respect to any claim or allegation of any fault, liability, wrongdoing, or damage whatsoever, or any infirmity in the defenses that the Defendants (and the Dismissed Defendants) have, or could have, asserted.  Defendants (and the Dismissed Defendants) expressly deny that Lead Plaintiffs or any members of the Settlement Class possess or have asserted any valid claims as to any of them, that any of them have committed any act or omission giving rise to any liability or violation of law, including the U.S. securities laws, and expressly deny any and all allegations of fault, liability, wrongdoing, or damages whatsoever in the Action.  The Stipulation and the Settlement also shall in no event be construed or deemed to be evidence of or an admission or concession on the part of any Lead Plaintiff of an infirmity in any of the claims asserted in the Action, or an admission or concession that any of the Defendants’ defenses to liability had any merit. 

The Settlement Benefits

Pursuant to the Settlement, Covetrus shall pay or cause to pay $35 million dollars ($35,000,000.00) in cash.  The Settlement Amount will be deposited into an escrow account.  The Settlement Amount plus any and all interest earned thereon is referred to as the “Settlement Fund.”  If the Settlement is approved by the Court and the Effective Date occurs, the “Net Settlement Fund” (that is, the Settlement Fund less: (i) any Taxes; (ii) any Notice and Administration Costs; (iii) any Litigation Expenses awarded by the Court; (iv) any attorneys’ fees awarded by the Court); and (v) any other Court-approved deductions will be distributed to Settlement Class Members who submit valid Claim Forms, in accordance with the proposed Plan of Allocation or such other plan of allocation as the Court may approve.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Stipulation and Agreement of Compromise, Settlement and Release, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Settlement Administrator for further information regarding the Settlement at the phone, address and email address listed below.

Settlement Administrator

Covetrus Securities Litigation

c/o A.B Data, Ltd.

P.O. Box 173059

Milwaukee, WI 53217

(877) 354-3780

www.CovetrusSecuritiesLitigation.com

info@covetrussecuritieslitigation.com


Class Counsel

SAXENA WHITE P.A.

Lester R. Hooker, Esq.

7777 Glades Rd., Suite 300

Boca Raton, FL 33434




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